1. On January 1, the Rhode Island Redbirds organization purchased new workout equipment for its athletes. The equipment had a cost of $15,600, transportation costs of $450, and set up costs of $290. The Redbirds spent $350 training their trainers and athletes on its proper use. 

The useful life of the equipment is five years and has no residual value.

 How much depreciation expense should the Redbirds take in the first year, if straight-line is being used?

 1. $3,120 2. $3,268 3. $3,338 4. $3,210